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Want something else to worry about?  Read Ambrose Evans-Pritchard in this morning’s Telegraph.

This caught my eye:  “8,000 unregulated hedge funds with $1.3 trillion at hand, and derivative contracts now worth $370 trillion.”

370 trillion?  I guess pretty soon the word ”quadrillion” will be a vocabulary item in the daily work of financial journalists.

(Though that number should be taken with a big pinch of salt.  I spent a fair chunk of my time on Wall St arguing about the correct way to price exotic derivatives for reporting purposes.  The arguments usually ended with an MD saying: “Oh, just come up with some damn number the auditors will accept.”)


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